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Toronto, Nov 25 (Canadian-Media): Ontario Premier Kathleen Wynne at a ceremony in Beijing, China, announced Nov 24 almost $600 million in new agreements which is expected to create 583 jobs in Ontario, media reports said.
In 2016, two-way trade in science and technology between Ontario and China totalled nearly $18 billion, 42 percent of the regions’ total two-way trade.
25 agreements were signed by Ontario and Chinese businesses and institutions including Ontario's OTT Financial Group and Tencent Cloud are working together to build a Business Accelerator Centre in Toronto that will foster entrepreneurship, introduce applications of internet technologies, and provide start-up businesses with funding, technology and administrative support. They are also working together to develop Tencent Cloud markets in Canada.
Together, the projects are valued at $15 million; Queen Financial Group signed a cooperation agreement with China Taihe Group and Funding Investment Management, valued at $500 million, to co-sponsor the establishment of the Haichuang Fund, a high-tech talent innovation venture equity investment fund; and Western University signed an agreement with the China Automotive Battery Research Institute (CABRI), valued at $3.35 million, to establish a joint laboratory to develop next-generation all solid-state batteries for electric vehicles. They also announced that CABRI has registered a new Canadia n-based R&D company.
Wynne was quoted by the media to state, "China and Ontario have a long history of collaboration, especially in the science and technology sector. Countless Ontario businesses have already forged strong relationships in China, and the agreements signed today signal that our relationship continues to grow. By connecting more of our businesses, scientists, engineers and experts around the globe, we can fuel innovation, create good jobs and ensure Ontario’s businesses remain competitive in a fast-paced global economy."
While participating in a discussion on women and entrepreneurship, organized by Diane Wang, CEO of DH Gate -- a leading business-to-business e-commerce provider that offers a platform for small and medium enterprises -- and Em Roblin, founder and managing director of Circles2, Wynne spoke to them about ways to promote women's participation in entrepreneurship and women's economic empowerment.
Wynne also met with Wan Gang, China's Minister of Science and Technology, where she re-signed a Memorandum of Understanding that was originally signed in 2008. This further strengthened Ontario and China's joint commitment to research and innovation collaboration and facilitated a revenue of over $30 million in joint funding for collaborative industry and academic research projects.
Each year reportedly more than $14 billion is spent on Research & Develpment (R&D) in Ontario and globally recognized technology companies in Ontario like Apple, Google, IBM and Amazon conduct R&D.
Ontario is also planing to boost the number of graduates in science, technology, engineering and mathematics (STEM) by 25 percent.
Wynne would also discuss plans with Feihe International to build their first infant milk formula production facility outside of China which would cost over $225 million which will reportedly create around 277 jobs in Kingston.
Ontario would also reportedly support the project with a $24.1 million investment through the Jobs and Prosperity Fund, which facilitates businesses, business associations and entrepreneurs to get funding for projects to enhance productivity and help them compete in the global marketplace.
McMaster University, Ontario announced on Nov 24 their plan to launch a start-up company to manufacture an advanced battery cell tester for electric vehicles in Ontario.
This announcement was based on partnership agreement signed between BIT and McMaster University during Wynne's first mission to China in 2014, which had resulted in the development of an advanced battery cell tester for electric vehicles.
"Through Ontario’s Global Trade Strategy, the province has committed to help businesses diversify their exports and make valuable connections by expanding their global footprint. Today’s signings in Beijing signal a strong start to the China mission and are a testament to the strength and diversity of Ontario’s economy," Michael Chan, Minister of International Trade was quoted by the media to state.
(Reporting by Asha Bajaj)